A company's December 31 work sheet for the current period appears below. Based on the information provided, what is net income for the current period?CashAccounts receivablePrepaid insuranceSuppliesEquipmentAccumulated depreciation-equipmentAccounts payableSalaries payableUnearned revenueRetained earningsDividendsServices revenueRent expenseSalaries expenseUtilities expenseInsurance expenseSupplies expenseDepreciation expense-equipmentTotalsUnadjusted TrialBalanceDebit1,0454,30025012,4202,3502,2002,80041525,780Credit1,8405,20010,5808,160AdjustmentsDebit Credit37044538522014026025,780 1,8202201402603858151,820

The financial statements of the business are prepared using the adjusted trial balance. The net…

Answered: Unadjusted Trial Balance Debit 1,045…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Mirror Mart uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019. 0-30 days 31-90 days Over 90 days past due past due past due Accounts receivable amount $55,000 $33,000 $17,000 Percent uncollectible 8% 15% 30% Total per category ? Total uncollectible ? To manage earnings more efficiently, Mirror Mart decided to change past-due categories as follows. 0-60 days 61-120 days Over 120 days past due past due past due Accounts receivable Amount $84,000 $11,000 $7,000 Percent uncollectible 8% 15% 30% Total per category ? ? ? Total uncollectible ? Complete the following. A. Complete each table by filling in the blanks. 0-30 days 31-90 days Over 90 days past due past due past due Accounts receivable amount $55,000 $33,000 $17,000 Percent uncollectible 8% 15% 30% Total per category Total uncollectible
Which of the following accounts is not one of the accounts transferred to the credit of the 690 period profit or loss account?A) 646 Exchange profitsB) 610 Returns from salesC) 600 Domestic salesD) 647 Rediscount interest incomeE) 644 Provisions with no subject
Subject:
Chavez Company most recently reconciled its bank statement and book balances of cash on August 31 and it reported two checks outstanding, No. 5888 for $1,037 and No. 5893 for $502. Check No. 5893 was still outstanding as of September 30. The following information is available for its September 30 reconciliation. From the September 30 Bank Statement PREVIOUS BALANCE TOTAL CHECKS AND DEBITS TOTAL DEPOSITS AND CREDITS CURRENT BALANCE 18,000 9,915 11,479 19,564 CHECKS AND DEBITS DEPOSITS AND CREDITS Date No. Amount Date Amount 09/03 09/04 09/07 09/17 09/20 09/22 09/22 09/28 09/29 09/05 09/12 09/21 09/25 09/30 09/30 5888 1,163 2,228 4,012 2,368 18 IN 1,037 781 5902 5901 1,900 670 NSF 936 378 2,097 264 1,852 5905 5903 5904 1,690 CM 5907 5909 From Chavez Company's Accounting Records Cash Receipts Deposited Cash Date Debit Sept. 5 12 1,163 2,228 4,012 2,368 1,660 21 30 11,431 Cash Payments Cash Check No. Credit 5901 1,900 781 5902 5903 5904 378 2,054 936 1,034 264 5905 5906 5907 5908 5909 391…
uncollectible accounts in each age category are as follows: Age Class Balance Percent Uncollectible Not past due $902,000 3/4% 1-30 days past due 292,000 1 31-60 days past due 98,500 8 61-90 days past due 68,000 16 91-180 days past due 44,700 50 Over 180 days past due 15,500 80 $1,420,700 Estimate what the proper balance of the allowance for doubtful accounts should be as of December 31. Estimated Estimated Uncollectible Accounts Uncollectible Accounts Age Class Balance Percent Not past due $902,000 3/4% 1-30 days past due 292,000 1 31-60 days past due 98,500 8 61-90 days past due 68,000 16 91-180 days past due 44,700 50 Over 180 days past due 15,500 80 Total $1,420,700 Check My Work Amount
Chapter 8 Questions to practice BE8-1 Presented below are three recei\ailes transactions. Indicate whether these recei\. ables are reported as accounts recei\able, notes recei\-able, or other receivables on a state- ment of6nancial position. (a) Sold merchandise on account forW64,000,000 to a customer. (b) Received a promissory note ofW57,000,000 for senicn perfonned. (c) Ad\-anced W8,000,000 to an employee.
eceivables in the Balance Sheet The following partial balance sheet contains errors. ZABEL COMPANYBalance SheetDecember 31, 20Y4 Assets Current assets: Cash $76,000 Notes receivable $117,500 Less interest receivable 9,300 108,200 Account receivable $477,000 Plus allowance for doubtful accounts 21,750 498,750 Prepare a corrected partial balance sheet for Zabel Company.
Okay credit is between O 620-679 O 600-679 O 610-679 O None of the above
E6.15 Determina correct posting amount to control account. CHAPTER 6 Accounting information systems LO9, 10, 14 Ladder Blocks Pty Ltd uses both special journals and a general journal to record transactions. Ladder Blocks also posts creditors' accounts in the accounts payable subsidiary ledger. The postings for the most recent month are included in the subsidiary T accounts below. Climbers Ltd 150 Bal. (b) Aumans Materials Ltd 87 Bal. 204 120 0 87 Brick-a-Brack Pty Ltd 90 Bal. Construct Pty Ltd 72 Bal. 90 174 72 114 102 Required (a) Determine the correct amount of the end-of-month posting from the purchases journal to the accounts payable control account. Assume that Ladder Blocks has one creditor only and does not expect there to be any other creditors in the future. Would there be any advantage to Ladder Blocks setting up an accounts payable subsidiary ledger?
Workings required for the image attcahed.
4G Vo) .l i 15:42 u. ♡ LTE2 7, 15% 40 แบบฝึกหัดท้ายบท 3. H : Required 1. Use the preceding analysis to compute the estimated amount of uncollectible receivables. 2. Prepare the journal entry to record Nana Company estimated uncollectibles, assuming the balance in the Allowance for Doubtful Accounts prior to adjustment is: a. 0 b. $3,000 (Debit) c. $2,800 (Credit) da 8 (Estimating Bad Debts from Receivables Balances) The following information is extracted from the accounting records of the Shelton Corporation at the beginning of 2012: Accounts Receivable $63,000 Allowance for Doubtful Accounts 1,400 (Credit) During 2012 sales on credit amounted to $575,000, $557,400 was collected on outstanding receivables, and $2,600 of receivables were written off as uncollectible. On December 31, 2012, Shelton estimates its bad debts to be 4% of the outstanding gross accounts receivable balance. Required 1. Prepare the journal entry to record Shelton's estimate of bad debt expense for 2012. 2.…

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Unadjusted Trial Balance Debit 1,045 4,300 250 12,420 2,350 2,200 2,800 415 25,780 Credit 1,840 5,200 10,580 8,160 Adjustments Debit 370 445 385 Credit 220 140 260 385 815 220 140 260 25,780 1,820 1,820